We are pleased to announce that the Principal of SRP Advisors, LLC initiated and acted as a financial advisor in K2, Inc.'s acquisition of Ex Officio, a leader in the design and manufacture of men and women's apparel for the outdoor and adventure travel markets. Ex Officio's(R) products are characterized by technical features, performance fabrics, and outdoor styles, and are used in a variety of activities including fishing, kayaking, trekking, exploring, and other leisure activities. Ex Officio also markets a line of insect repellent clothing under the Buzz Off(R) brand.
The company was acquired in an all cash transaction. Due to the seasonality of Ex Officio's(R) product lines, the transaction is expected to be earnings per share neutral in 2004, but accretive in 2005.
Richard Heckmann, Chairman and Chief Executive Officer of K2 Inc., said, "Ex Officio represents the first step in our move to build an outdoor apparel platform that will complement K2's leading sporting goods brands in outdoor, fishing, and water sports. Ex Officio has a well known reputation for innovative and technical design, and it will allow us to bring an important new dimension to our product offerings and brand extensions. We are pleased that Rick Hemmerling, the founder of Ex Officio, will remain to guide the next generation of growth for the brands."
About SRP Advisors, LLC
SRP Advisors, LLC provides merger and acquisition advisory services to both buyers and sellers of middle market companies. SRP Advisors works with owners of private companies across all industry segments who might be interested in exploring alternatives for their company such as a full or partial sale of the business, an investment in the business from a private equity group, or a transition of ownership to management or the next generation of family. SRP Advisors also provides strategic acquisition advisory services for public, private and private equity sponsored companies looking to grow their business through mergers and acquisitions. Contact Sean Prendergast, Managing Partner at 818-514-8959.